News

Recovered stolen bike thanks to Cash Converters Mt Gravatt

Information we received......

Hi there i work at cash converters mt gravatt and we have this bike instore which we bought off a customer on february 17th we can confirm the bike looks exactly like the picture and description matches we have notified police link that we are in possession of this bike and our address is 1971 logan road mt gravatt

Thanks Cash Converters

Good work Cash Converters Mt Gravatt! Unfortunately, in this case, the store checked BikeVAULT sometime after they had purchased the bike. Had they checked before they paid the “customer” they could have avoided the loss they will now incur by returning the bike to its lawful owner. Having experienced the power of BikeVAULT, this will no doubt be the last bike they buy without first checking it on the VAULT.

An appeal to all second-hand dealers

Unknowingly buying stolen property is a major risk for all second-hand dealers. A risk that is only partly mitigated by regulation. BikeVAULT has assisted in the recovery and return to victims of well over 100 stolen bikes from second-hand dealers from all over Australia. It is very clear that thieves do and will continue to manipulate second-hand dealer processes as a quick way to cash in on stolen bikes.

From BikeVAULT’S experience, it appears there is a serious misconception across many parts of the second-hand dealer industry that the protections in second-hand dealer legislation in regard to purchasing stolen property relieve the dealer of the financial implications of these transactions. This is not the case. As a general legal principle, a thief cannot pass on the legitimate title to stolen goods. The victim always retains ownership of the bike and if the dealer refuses to return it, it is open to the victim to sue the dealer for the return of the bike, or for compensation if it has been on-sold and can no longer be found. In addition to these financial implications, the second-hand dealer industry has to also be very mindful of the reputational damage to the industry that occurs when these incidents come to light.

On behalf of the cycling community, we ask all second-hand dealers to follow Cash Converters Mt Gravatt’s great lead and check your stock of bikes (new and second hand) against the 10,000 + stolen bikes on the VAULT.

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Bike theft is driven by the lucrative black market trade, aided by lacking bike identification, insufficient recording, and the inability for the public prior to BikeVAULT to check if a second-hand bike is stolen when advertised for sale.

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